The super generics market is expected to reach a market value of $415.13 billion by 2032, while expanding its footprint in the global market at a promising CAGR of 7.2%. (2022 to 2032). In 2022, the market is expected to generate US$ 194.3 billion. Previously, the market grew at a slightly lower CAGR of 6.7%. (2017 to 2021).
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The super generics market survey defines the market’s growth prospects as a result of rising demand for alternative medicine and medically advanced companies expanding their research and development programmes to add more value to generics. Apart from the quality drugs manufactured for a specific disease, this ultimately benefits the end user, that is, the patient. The super generic assists the patient in reviving quickly and smoothly.
According to a super generics market survey, the growing geriatric population and reliance on alternative and generic medicines is increasing day by day, while governments around the world work hard to make generic medication available to end users. The manufacturers, on the other hand, make generic medicines effective, and the drug used is more important in that it reacts with the body in a short period of time.
Manufacturers use quality by design, multifunctional excipients, modified dosage form and release pattern to develop value-added generics, i.e. super generics, which create a new segment of growth and assure better quality and economic viability to payors, gaining market traction and fueling super generic sales.
Super Generics Market: Drivers and Restraints
Global super generics market is expected to grow at significant rate owing to lack of innovation from pharmaceutical companies, increased cost of new drug development and added advantage of extended market exclusivity for improved version of super generic product. The factors currently contributing to the revenue growth of the super generics market is requirement of less time and cost of development, improved therapeutic effect, patient compliance and improved access or affordability of the treatment due to economic viability. Furthermore, increased market opportunities for generics, expected patent expiries over forecast period and increasing awareness about generics among key stakeholders are expected to drive the market for super generics over the forecast period.
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Global super generics market may hindered by availability of low cost generics from developing markets and price pressure from payers which are expected to affect the market negatively over the forecast period. The super generics market is restrained by pay for delays by innovator companies, commoditization of generic market, and misuse of Risk Evaluation and Mitigation Strategies (REMS) programs by innovator companies to withhold access to drug samples for generic manufacturers’ bioequivalence testing and development, which are expected to hinder market revenue growth of super generics over the forecast period
Super Generics Market: Overview
Global Super Generics market is witnessing significant changes due to recent patent expiries across the globe. Several patented blockbuster drugs set to expire in next few years. Several pharmaceutical companies developing improved version of me to drugs which could help gain larger market share in the pharmaceutical market space. Several tier-2 pharmaceutical companies are dependent upon these super generics to gain regulatory approval in developed economies there by gain market exclusivity for the improved therapeutic entities. Sometimes players need to file New Drug Application (NDA) to get market approval for super generics.
Super Generics Market: Key Players
Some of the players in the global super generics market are Sun Pharmaceutical Industries Ltd., Meda Pharmaceuticals Inc., Taiwan Liposome Company, Dr. Reddy’s Laboratories Ltd., Allergan plc., Teva Pharmaceutical Industries Ltd., and Celgene Corporation to name a few.
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